Magic Software Enterprises Ltd. (NASDAQ:MGIC – Get Free Report) saw a large growth in short interest in June. As of June 15th, there was short interest totalling 35,300 shares, a growth of 25.2% from the May 31st total of 28,200 shares. Currently, 0.1% of the shares of the company are sold short. Based on an average daily trading volume, of 56,000 shares, the days-to-cover ratio is presently 0.6 days.
Institutional Investors Weigh In On Magic Software Enterprises
Hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP raised its position in shares of Magic Software Enterprises by 1.6% during the 4th quarter. Wellington Management Group LLP now owns 683,357 shares of the software maker’s stock valued at $6,622,000 after buying an additional 11,010 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in Magic Software Enterprises during the first quarter valued at about $593,000. CANADA LIFE ASSURANCE Co lifted its stake in Magic Software Enterprises by 722.2% during the first quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock worth $177,000 after purchasing an additional 13,469 shares during the last quarter. Colonial River Wealth Management LLC purchased a new position in shares of Magic Software Enterprises in the 4th quarter worth about $127,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Magic Software Enterprises by 61.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,942 shares of the software maker’s stock valued at $58,000 after purchasing an additional 2,263 shares during the last quarter. 24.70% of the stock is currently owned by institutional investors.
Magic Software Enterprises Stock Performance
Shares of MGIC remained flat at $9.63 during mid-day trading on Friday. 46,737 shares of the stock were exchanged, compared to its average volume of 43,042. The firm has a market cap of $472.83 million, a P/E ratio of 13.19 and a beta of 1.07. Magic Software Enterprises has a 12-month low of $8.15 and a 12-month high of $13.62. The business has a 50-day simple moving average of $11.08 and a two-hundred day simple moving average of $10.89. The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 0.14.
Magic Software Enterprises (NASDAQ:MGIC – Get Free Report) last posted its earnings results on Thursday, May 16th. The software maker reported $0.23 EPS for the quarter, topping the consensus estimate of $0.21 by $0.02. Magic Software Enterprises had a return on equity of 16.36% and a net margin of 6.83%. The business had revenue of $130.72 million during the quarter, compared to analysts’ expectations of $126.80 million. On average, sell-side analysts anticipate that Magic Software Enterprises will post 0.95 EPS for the current year.
Magic Software Enterprises Cuts Dividend
The business also recently disclosed a Semi-Annual dividend, which will be paid on Thursday, July 11th. Investors of record on Thursday, June 27th will be given a $0.204 dividend. This represents a dividend yield of 3.5%. The ex-dividend date is Thursday, June 27th. Magic Software Enterprises’s dividend payout ratio (DPR) is 56.16%.
Analysts Set New Price Targets
Several equities analysts have recently weighed in on the company. Barclays lifted their price target on Magic Software Enterprises from $13.00 to $14.00 and gave the company an “overweight” rating in a research report on Thursday, March 14th. StockNews.com upgraded Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Monday, May 20th.
About Magic Software Enterprises
Magic Software Enterprises Ltd. provides proprietary application development, vertical software solutions, business process integration, information technologies (IT) outsourcing software services, and cloud based services in Israel and internationally. The company’s Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.